From business advisory services in China to SEC compliance audits in China, regulating companies that are set up overseas has long been something that we have needed to do here in the United States. Fortunately, however, there are now more people than ever before who can provide business advisory services in China and in any number of other places overseas as well. In fact, it has now been established that there are more than one million and three hundred and ninety seven thousand total accountants and auditors working throughout the United States, with even more currently working abroad in some capacity.
Overseas regulators here in the United States as well as overseas regulators abroad have long worked with the SEC here in the United States. However, in recent years this has become more widespread than ever before and business advisory services in China and places like Hong Kong have become nothing if not commonplace. This improving overall cooperation on the part of the SEC has been occurring slowly over the course of the last thirty years, the last three decades.
But whether or not it’s business advisory services in China or business advisory services here, the SEC plays an absolutely important role when it comes to overall regulations. All too often, companies try to get away with breaching and violating securities laws. This is where the SEC tends to step in and stop this from happening. In fact, hundreds of civil enforcement actions are filed each and every single year as a direct result of this action.
Keeping up with your accounting, whether through Chinese accounting firms or accounting firms that are based right here in the United States, can also be an incredibly helpful step to take. After all, accounting is a profession that has an incredibly long history – and much success over the course of time. The practices of accounting even date back to early Mesopotamian times, when taxes were paid not only on sheep but on the produce that went to religious temples as well. International tax and accountancy services for China are particularly important – and are only becoming more so – do to the vast amounts of products and sales that Chinese businesses tend to deal with on a regular basis, necessitating the need for things like business advisory services in China.
Of course, it’s not just about business advisory services in China and international tax and accountancy services for Chinese businesses. In addition to this, taxes must be kept up with here in the United States as well, from personal income taxes and housing taxes to the taxes that businesses all throughout the country are very much required to pay. And staying up to date on your taxes, personal or business or both, is hugely important, as you don’t want to have unpaid taxes in the event of being audited.
And audits can happen to just about anyone, unpaid taxes or not. In fact, any single business tax return can be selected by the IRS for auditing, as long as it has been filed within the last three years. After that, an audit cannot occur on it. Three years, however, is a wide window of time, and one that within much can happen if you are not careful about your taxes and paying the owed amount. In addition to this fact, the IRS will be able to collect on any tax money that you owe the government for as many as ten years, meaning that back taxes can be owed for up to a solid decade, a considerable period of time by just about any standards.
Small businesses are also frequently audited, even though it is true that the IRS will expend much of its energy on ensuring that big businesses throughout the country and abroad are paying the taxes that they owe. However, the data still shows that small businesses with tax returns of ten million dollars or less were still facing a one percent likelihood of experiencing an audit from the IRS. While this is certainly no big number, it is still important.